On 12 July 2013 the
Central Bank of the Republic of Turkey (Türkiye Cumhuriyet Merkez Bankası
– TCMB) published the results of its June survey of banks regarding the state
of the loan market in Turkey. The quarterly
survey is sent to the 15 banks having the highest market share in loans (1
public bank, 9 private banks, 5 foreign banks), which together account for an
estimated 80% of the loans in the banking sector. Those polled are asked their opinion of the
loan market over the preceding 3 months and, in some cases, their expectations
for the following 3 months.
Among the more
noteworthy changes from the previous survey in March 2013 were the following:
Loans to enterprises: Credit standards:
Past 3 months: Those who viewed credit standards for long-term loans
to enterprises as having “eased somewhat” over the preceding 3 months increased
from 1% in March to 16% in June.
Next 3 months: In loans to large enterprises, those expecting credit
standards for such loans to “tighten somewhat” over the next 3 months increased
from 0% in March to 21% in June.
Loans to enterprises: Factors affecting credit standards:
Past 3 months: Respondents who viewed competition from other banks
as having “contributed somewhat” to an easing of credit standards over the past
three months increased from 15% in March to 31% in June.
Loans to enterprises: Demand for loans and credit lines
Past 3 months: In long-term loans, those who viewed the demand for
such loans as “basically unchanged” over the preceding 3 months decreased from
69% in March to 24% in June, while those who saw the demand as “increased
somewhat” increased from 31% to 72%.
Next 3 months: For short-term loans, the proportion of respondents foreseeing
the demand for such loans as “basically unchanged” over the next 3 months
increased from 54% in March to 80% in June, while those foreseeing that the
demand for short-term loans over the next 3 months would “increase somewhat”
fell from 46% to 17%.
Consumer loans: Housing loans: Credit standards:
Past 3 months: Those who saw credit standards for housing loans as
“basically unchanged” over the preceding 3 months increased from 80% to 100%
(with 14 banks responding), while those seeing credit standards for housing
loans as “eased somewhat” fell from 20% to 0%.
Sources:
Survey for 2Q 2013 – Turkish: Banka
Kredileri Eğilim Anketi - 2013
Survey for 2Q 2013 – English: Banks’
Loans Tendency Survey - 2013
Methodological notes: Yöntemsel
Açıklama
At the beginning of July banks in Turkey launched their
annual “holiday” (bayram) consumer loan campaigns. The campaign, which features special interest
rates and conditions for consumer loans, is offered during Ramadan (Ramazan)
each year. In 2013 the Ramadan season began
on 8 July and will end on 7 August with the feast of Eid ul-Fitr (Ramazan
Bayramı).
The interest rates on holiday loans being offered by
banks this year are noticeably lower than the rates offered last year, and the cut
in rates is thought to be due in large part to the 16 May 2013 decision by the
central bank to reduce by 0.5% most of the central bank’s interest rates, i.e.,
the bank’s policy rate (the one-week repo rate), the overnight lending rate,
the overnight borrowing rate, the overnight repo borrowing rate, and the
late-liquidity window lending rate.
This year’s holiday
loan offerings show strong competition among the banks, with interest rates being
cut to as low as 0.65% per month, loan maturities being offered of even up to
60 months, and the maximum size of loans rising as high as TRY 50,000 (€
19,561). (As of 12 July 2013 one euro equaled 2.5561
Turkish lire (TRY) and one US dollar equaled 1.9591 TRY.)
Sources:
HSBC loan offer: En
Tatlı Bayram Kredisi: KrediNET
Central bank interest rate decision of 2013-05-16 –
Turkish: Faiz
Oranlarına İlişkin Basın Duyurusu – 16/05/2013, (2013-31)
Central bank interest rate decision of 2013-05-16 –
English: Press
Release on Interest Rates – 16/05/2013, (2013-20)
On 10 July 2013 the Istanbul Stock Exchange (Borsa
İstanbul A.Ş.) published a copy of a document from the commercial bank
Fibabanka (Fibabanka A.Ş.) regarding a 28.9% increase in share capital carried
out by the bank.
The increase in
shares had been announced earlier, on 28 May, but at that time it had
erroneously been indicated that the 549,999,997.87 shares held by Fiba Holding
A.Ş. constituted 100% of the bank’s capital.
The document published on 10 July demonstrated that Fiba Holding has not
yet become the bank’s sole shareholder, as nthere still remain 4 other
shareholders with minuscule holdings:
Fibabanka shareholders before
and after capital increase
The decision to increase the bank’s share capital was made by the bank’s Board of Directors on
As for Fiba
Holding, it is held 92.67% by Mr. Hüsnü Mustafa Özyeğin, making him also 92.67%
owner of Fibabanka. The 2011 annual
report of Credit Europe Bank NV, a bank in Amsterdam
Hüsnü M. Özyeğin (1944)
Vice Chairman
Graduated from Robert
College, Turkey and received a BSc in civil engineering from Oregon State
University and an MBA from Harvard Business School. He held positions in Turkey
at Pamukbank (1977-1984) and Yapi Kredi Bank (1984-1987) before founding
Finansbank in 1987. He was Chairman of Finansbank between 1987 and 2010 and is
the majority shareholder and Chairman of FIBA Holding AS, the controlling shareholder
of Credit Europe Bank NV. He is Board Member of a number of Credit Europe Bank subsidiaries
and Fiba Group companies. Additionally, Mr. Özyeğin is involved in numerous charitable
activities as Chairman of the Hüsnü M. Özyeğin Foundation, Board Member of the
Mother and Child Education Foundation, Chairman of the Board of Trustees of the
Özyeğin University and member of the Board of Dean’s Advisors of Harvard
Business School. Mr. Özyeğin, who is a Turkish national, was appointed to the
Supervisory Board in 1994.
As for the Fiba Group itself, Credit Europe Bank’s annual report for 2009
summarized the group’s activities at that time as follows:
The Fiba Group was founded in 1987 by Hüsnü M. Özyeğin. It controls an investment portfolio of high-value brand names in both financial and non-financial lines of business. The Fiba Group investments in the financial services industry are in banking, leasing, factoring, insurance, NPL management and private equity (funds). Its non-financial investments are in retailing (e.g. GAP, Banana Republic, Marks & Spencer in Russia, Ukraine and Turkey), real estate (e.g. Bucuresti Mall and Plaza Romania in Romania, and other shopping malls in Turkey and China), wind energy, tourism (Swissotel the Bosphorus, Istanbul) ship building and port management (e.g. Kumport, one of the largest container ports in Turkey).
Fibabanka owner Hüsnü M.
Özyeğin
As of 31 March the
bank ranked 21st for total assets (toplam aktifler) out of 45
banks in Turkey, with TRY 4,509.42 mln (€ 1.943 bln) in total assets, or a
market share of 0.33% in assets. (As of
31 March the largest 7 banks had a combined market share of 75.42% in assets.) In total deposits (toplam mevduat) the
bank ranked 18th out of 45, with total deposits of TRY 3,096.38 mln,
or a 0.39% market share in deposits.
(The largest 7 banks had a combined market share of 46.38% in
deposits.) In number of employees (personel
sayisi (adet)) the bank ranked 20th out of 45, with 734
employees, or 0.39% of the total 118,748 bank employees in Turkey 31 March 2013 . (The top 7 banks accounted for 66.23% of all
bank employees in the country.)
In 1Q 2013 the bank
had a net profit of TRY 10.16 mln (€ 4.38 mln), or 1.49% of the total banking
sector profits of TRY 6,824.87 mln (€ 2.940 bln) earned by the 45 banks in 1Q
2013. In that quarter the top seven
banks earned 81.70% of the profits in the banking sector. (The top seven banks
as of 31 March, by assets, were İşbank (13.4% market share in assets), Ziraat
Bank (12.5%), Garanti Bank (12.4%), Akbank (11.6%), Yapı Kredi Bank (9.4%), Halkbank
(8.3%), and VakıfBank (7.9%).)
In other news, on 11
July the bank announced that it had opened a new branch in the center of Üsküdar,
a municipality of İstanbul located on the southeast shore of the
Bosphorus. The branch is located at 80 Hakimiyeti
Milliye Caddesi in the Aziz Mahmut Hüdayi quarter of Üsküdar.
Sources:
Fibabanka announcement of capital increase carried out
in May 2013: FİBABANKA
A.Ş.: ŞGBF-Ortaklık Yapısı (2013-05-28 16:12:31 )
Istanbul Stock Exchange data page for Fibabanka: Fibabanka
A.Ş. [FBBNK]
Fibabanka shareholder structure from Fibabanka
website: Ortaklık
Yapısı
Fibabanka financial statements for 1Q 2013: 2013
Yılı Mart Ayı Faaliyet Raporu (2013-05-06 14:48:47 )
Fibabanka quarterly report for 1Q 2013: FİBABANKA
A.Ş. 1 OCAK – 31 MART 2013 ARA HESAP DÖNEMİNE AİT BAĞIMSIZ SINIRLI DENETİM
RAPORU, KONSOLİDE OLMAYAN FİNANSAL TABLOLAR VE FİNANSAL TABLOLARA İLİŞKİN DİPNOTLAR
(Fibabanka BDDK Mali Tablo ve Dipnotlar) (2013-05-06 12:18:34)
Credit Europe Bank NV: Annual
Report 2011
Credit Europe Bank NV: Annual
Report 2009
Ranking of banks in Turkey 31 March 2013 : Aktif
Büyüklüklerine Göre Banka Sıralaması - 2013 - Mart
Article on Hüsnü Özyeğin from Famous Entrepreneurs:
Hüsnü Özyeğin
Fibabanka: Announcement of opening of Üsküdar branch: FİBABANKA
A.Ş. / FBBNK: Özel Durum Açıklaması (Genel) (2013-07-11 10:02:41 )
